The average person assumes that having an excellent credit score is all that's necessary when applying for a loan.
But that is definitely not the case along with a stellar score you should bring with you a head full of knowledge pertaining to your credit situation.
Creditors make money off of interest rates.
So regardless of how great your credit is if you do not know your actual scores and rely on the honesty of your lender you may certainly not be getting the best rates that you qualify for.
In a perfect world that would be the case but as we all know that is not where we live.
As bad as it sounds some lenders prey on the ignorant.
If you do not know your credit score when applying for a loan you're at the mercy of your lender.
They have the option of giving you a higher interest rate than you deserve and even telling you that your score is less than it really is.
You should never let their lender have the upper hand.
Always look up your credit score before applying for any major loans.
Just like with any large purchase a certain amount of research should be done.
You can do some research on the Internet and try and find similar credit scores to yours and match them with certain interest rates in your area.
Or talk to friends and family about their current interest rates should they feel comfortable speaking with you on the subject.
If when talking to your lender if you feel the interest rate is too high speak up! It is up to the lender to try and make the company money and the best way to do that is charged higher interest rates.
And it is up to you to look out for your best interests and try to drop those rates.
The best way to do that is to be well educated.
If you show up with a printed copy of your credit report and score then you automatically have the upper hand.
If the lender for some reason tells you that they have a different score in the records for you that is lower and you know that your report is fairly current standup and walk away.
There are tons of lenders for you to choose from and you shouldn't be bothered with those who are solely looking for a profit and not catering to those customers that have earned the right to lower interest rates.
Thanks to the fast-growing technology and the Internet getting a credit report is extremely easy.
The days of writing the credit bureaus and waiting weeks to receive your report are over.
You can easily get all three of your credit reports and scores in a matter of minutes online.
So before you make the mistake of walking into a bank or another lender without being prepared, make sure you order your credit report and score.
But that is definitely not the case along with a stellar score you should bring with you a head full of knowledge pertaining to your credit situation.
Creditors make money off of interest rates.
So regardless of how great your credit is if you do not know your actual scores and rely on the honesty of your lender you may certainly not be getting the best rates that you qualify for.
In a perfect world that would be the case but as we all know that is not where we live.
As bad as it sounds some lenders prey on the ignorant.
If you do not know your credit score when applying for a loan you're at the mercy of your lender.
They have the option of giving you a higher interest rate than you deserve and even telling you that your score is less than it really is.
You should never let their lender have the upper hand.
Always look up your credit score before applying for any major loans.
Just like with any large purchase a certain amount of research should be done.
You can do some research on the Internet and try and find similar credit scores to yours and match them with certain interest rates in your area.
Or talk to friends and family about their current interest rates should they feel comfortable speaking with you on the subject.
If when talking to your lender if you feel the interest rate is too high speak up! It is up to the lender to try and make the company money and the best way to do that is charged higher interest rates.
And it is up to you to look out for your best interests and try to drop those rates.
The best way to do that is to be well educated.
If you show up with a printed copy of your credit report and score then you automatically have the upper hand.
If the lender for some reason tells you that they have a different score in the records for you that is lower and you know that your report is fairly current standup and walk away.
There are tons of lenders for you to choose from and you shouldn't be bothered with those who are solely looking for a profit and not catering to those customers that have earned the right to lower interest rates.
Thanks to the fast-growing technology and the Internet getting a credit report is extremely easy.
The days of writing the credit bureaus and waiting weeks to receive your report are over.
You can easily get all three of your credit reports and scores in a matter of minutes online.
So before you make the mistake of walking into a bank or another lender without being prepared, make sure you order your credit report and score.